Colombia is the second largest “crypto country” in Latin America, with 22.3% of respondents expecting to buy digital currencies or tokens in the coming year, up from 5.2% today (an increase of 208%).
While Brazil reports the highest adoption rates, the speed with which they are growing is even higher in other countries in the region. For example, in Peru 12% of respondents said they will buy crypto in the next 12 months, compared to just 1% who have already done so: an increase of 1,100%.
Another fast-growing market is Mexico, where a 345% increase in adoption is expected (from 3.8% to 16.9%).
In Argentina, the survey showed that there will be a 235% increase in the adoption rate: from the 5.5% that until now had turned to the purchase of cryptocurrencies, the projection points to 18.4%.
For their part, 16% of Chileans surveyed responded that they plan to buy digital currencies in the next 12 months (an increase of 208% from the 5.2% currently reported).
“Our survey has revealed that Latin America is about to experience a huge increase in the adoption of digital currencies in several countries in the region”, summed up Patrick O’Neill, managing partner of Sherlock Communications.
“Clearly there is a lot of interest in cryptocurrencies,” explains O’Neill, “however, the survey also reflects that participants face concerns about cybersecurity regarding exchanges and tokens, as well as frustration with the availability of analytics. independent research and educational resources on this emerging area for investment.
‘Lack of understanding of how this technology works’ and ‘I need to have better knowledge of how to buy or invest in cryptocurrencies’ were the top two reasons respondents gave as obstacles to putting their desire to acquire digital assets into practice. Across these 6 countries, more than half of respondents gave at least one of these reasons as holding them back from buying crypto in the next 12 months.
The lack of education about cryptocurrencies was also supported by another of the report’s main findings: a large proportion of respondents across all countries said they had “never heard of blockchain.” In Argentina, for example, the percentage was the highest, since 89.2% of respondents said they had never heard the term, although it had high levels throughout the region: 85% in Peru, almost 80% in Chile and Mexico, 77% in Colombia and 68% in Brazil.
“The lack of knowledge about blockchain technology, which creates the ability to exchange currencies without intermediaries using decentralized and immutable digital ledgers that are the foundation of all cryptocurrencies, suggests that many respondents’ understanding of this area is rather shallow. “, develops Luiz Hadad, consultant specialized in blockchain of Sherlock Communications. “As much as this report shows us that Latin Americans believe that cryptocurrencies and web3 will play an important role in their financial future, it also reveals that there is a large knowledge gap that frustrates the desire of many people to take the first step towards the digital economy (crypto space or crypto world)”.
This lack of understanding about the complexities around blockchain technology and cryptocurrencies is one of the reasons why Sherlock Communications has launched the 2022 Blockchain Report – Latin America e-book, which develops the current state of blockchain in the countries of the region. .
The report takes a look at the recent regulations affecting the adoption of the blockchain ecosystem in the region. It is also an excellent source of updated information on topics such as regulatory frameworks and taxes, the panorama of the main players, adoption rates and more specific data for each country. The report was designed to provide a solid perspective for both people who have experience in the area, as well as those who are taking their first steps.
Source: Ambito
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